Potential application scope in food & beverages processing industry will boost product demand. Global food & beverages industry is expected to rise at a rate of 6% up to 2024. This development is credited to increasing levels of quality, hygiene, contamination and purity of products.

Chemical protection, high abrasion along with low costing is among the key factors fuelling industry demand. The product is generally used as defensive layers that are applied to the ground surfaces. Growth in number of production units safeguarding interior from any damage will propel industrial floor coatings market growth.

Epoxy cementitious is among the key revenue generating segment. Superior properties including high reinforcement with urethane and little hardness will support industry growth. Delivering efficient protection along with cost effectiveness which leads to better product acceptance among customers.

Epoxy cementitious contributes over 25% revenue share in industrial floor coatings market in 2016. Durability in harsh environments with thermal shocks and efficient withstanding ability towards chemicals and impacts are some of its quality features. The product is extensively used due its high adhesion, flexibility and solvent resistance. Improved manufacturing plant flooring will provide a positive outlook to epoxy demand.

Polyaspartic will witness a growth over 5.5% up to 2024. Rising need for protection from harmful UV rays makes polyaspartic an excellent option for outdoor applications. It offers long term heavy duty use in warehouses, garages and food processing units.

Industrial Floor Coatings Market, By Component

Four component leads industrial floor coatings market with more than 40% revenue share in 2016. It is a self-levelling epoxy coating laid at a thickness ranging from 0.5mm to 2 mm. Requirement for smooth, monolithic, hygienic, non-porous and easy to clean flooring drives the component demand. Sufficient availability in varied colours and adequate strength to withstand factory wheels traffic are certain factors luring customers to use four component coatings.

Double component generated over USD 700 million in 2016. It is a glossy pigmented component providing high durability with improved strength against friction. Its chemical resistance towards several organic and inorganic alkalis, acids, wastes, petroleum products and water will drive industry growth.

Three component size will surpass USD 1 billion by 2024. It is a water based acrylic floor and deck coating particularly formulated for pedestrian traffic. Easy applicability, fast drying, and optimum adhesion to concrete, wood, metal and asphalt surfaces will drive the product demand.

Industrial Floor Coatings Market, By Flooring Material

Concrete has dominated the overall material segment and accounted for over 80% of the demand in 2016. Superior properties including prevention from abrasion, wear & tear as well as providing ease of maintenance, ability to customize and excellent aesthetic look. Increase in number of manufacturing projects and rise in demand for green technology are anticipated to propel industrial floor coatings market over the forecast period.

Terrazzo accounted for over 5% of the industry share in 2016. It is a non-resilient flooring material formulated by remains of stone clippings, making it well recognised as a green product. Increasing replacement of concrete by terrazzo to provide environment friendly flooring solutions will drive industry demand.

Industrial Floor Coatings Market, By Application

Food processing accounted for over 30% of the overall demand in 2016. The growth is attributed to need for quality and purity of food products by maintaining a hygienic environment inside the production facility.

Manufacturing application generated over USD 1.1 billion in 2016 and is anticipated to register over 6% growth till 2024. Increase in number of manufacturing facilities along with regulatory compliance for improved infrastructure will support growth. Increasing passenger terminal aircraft hangers will facilitate product penetration in aviation & transportation sector.

North America industrial floor coatings market was valued over USD 800 million in 2016. Automotive, pharmaceuticals, chemicals and steel are among the major revenue generating sectors. Mexico is expected to grow at a fast pace in owing to factors including increasing disposable income, urbanization and population growth.

These companies are indulged in supply chain of the product starting from raw material to suppliers, R&D activities and manufacturing procedures. Marketing and sales take place through third party distribution agencies, or from company owned retail outlets. Other significant companies are Dow Chemical, Grand Polycoats, Michelman, The Lubrizol Corporation, Plexi-Chemie, Pro Maintenance, Apurva India, Ardex Endure and Koninklijke DSM.

Industry Background

The industry is one of the fastest growing sector in the coatings industry. It consists of several key companies competing to occupy maximum customer foothold. Advancement in the finishing technologies through various research initiatives has particularly led China’s growth. Several global companies tend to enter the country to increase their share in terms of both, value and volume.

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What was the historic market data from 2013 to 2016, what is the industry growth forecast from 2017 to 2024?